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UAE's Network Int'l launches multicurrency payment option

Multicurrency Online uses geo-location services to automatically show the exact amount cardholders will be billed in their own currency

Multicurrency Online is available for all Mastercard and Visa cardholders.

By Sam Bridge

Tue 30 Oct 2018 03:14 PM

UAE-based payment solutions provider Network International has launched Multicurrency Online, which uses built-in geo-location services to automatically show the exact amount cardholders will be billed in their own currency - with no hidden charges.

The new solution will enable the company’s merchant partners to maximise their global sales potential and provide additional value to cardholders when they make e-commerce payments overseas, it said in a statement.

Multicurrency Online will determine a cardholder’s location via his or her IP address, rather than using the location of the online business.

The online store, likewise, will receive the exact payment in their own currency. For example, if a customer in Paris is purchasing from a UAE business, the cardholder will see their own bill in Euros, while the merchant will be paid in Dirhams.

Multicurrency Online is available for all Mastercard and Visa cardholders.

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The company said the move comes as overseas shoppers often abandon shopping carts when purchasing in a foreign currency – which can lead to a considerable number of missed opportunities for vendors.

Paul Clarke, group head of product and innovation at Network International said: “Businesses are relying more on payments companies to help boost their competitiveness in pace with rapid developments. Network International continues to ensure that we are at the forefront of payment innovations that enable our partner merchants to keep up with the digital demands of their customers.

"Our new solution enables its adopters to scale their global business and reach new customers with localised pricing.”

Multicurrency Online also allows cardholders to choose another currency (including UAE Dirhams) for their online payment, even after automatic currency selection.